The work of Robert Lucas and Thomas Sargent ________ the existence of a downward-sloping Phillips Curve in the ________
A) first proposed, short run
B) first proposed, short and long runs
C) cast further doubt on, long but not short run
D) cast further doubt on, short and long runs
D
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Workers at a local construction company are paid $32.50 per hour, and they have incorporated a 4 percent annual raise in their contracts to account for expected inflation
Explain how unexpected inflation of 2 percent will affect the real wages earned by these workers and the unemployment rate of these workers.
If an industry is a constant-cost industry
a. prices of its inputs increase even though output remains constant b. it uses inputs at higher levels of output c. prices of its inputs rise at a constant rate as it uses more inputs d. prices of its inputs remain constant as the number of firms increases e. firms in the industry experience economies of scale